Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE N/A. (2026–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM |
|---|---|
| Market Cap | — |
| Enterprise Value | — |
| P/E Ratio → | — |
| P/S Ratio | — |
| P/B Ratio | — |
| P/FCF | — |
| P/OCF | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| EV / EBIT | — |
| EV / FCF | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM |
|---|---|
| Gross Margin | — |
| Operating Margin | — |
| Net Profit Margin | — |
| Metric | TTM |
|---|---|
| ROE | — |
| ROA | — |
| ROIC | — |
| ROCE | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM |
|---|---|
| Debt / Equity | — |
| Debt / EBITDA | — |
| Net Debt / Equity | — |
| Net Debt / EBITDA | — |
| Debt / FCF | — |
| Interest Coverage | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM |
|---|---|
| Current Ratio | — |
| Quick Ratio | — |
| Cash Ratio | — |
| Asset Turnover | — |
| Inventory Turnover | — |
| Days Sales Outstanding | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM |
|---|---|
| Dividend Yield | — |
| Payout Ratio | — |
| Metric | TTM |
|---|---|
| Earnings Yield | — |
| FCF Yield | — |
| Buyback Yield | — |
| Total Shareholder Yield | — |
| Shares Outstanding | — |
AUM migration to lower-cost peers
Based on the trust's disclosed 9.45 basis point management fee, SPY maintains exceptionally high operating margins due to the near-zero marginal cost of scaling AUM, though this profitability is structurally vulnerable to potential competitive pricing pressures from lower-cost index tracking vehicles like IVV and VOO.
The trust's profitability is essentially a function of scale, where the fixed nature of index licensing and trustee fees allows for significant operating leverage. Investors should monitor whether management maintains this fee structure, as any shift toward competitive pricing would likely result in immediate margin compression.
According to institutional trading data, SPY's superior daily average trading volume creates a liquidity moat that minimizes execution slippage for large-scale participants, effectively lowering the total cost of ownership despite the trust's higher headline expense ratio compared to its primary passive index-tracking competitors.
This efficiency is not captured in standard expense ratios but is reflected in the trust's continued dominance in the derivatives and hedging ecosystem. The ability to facilitate massive institutional flows without significant price impact suggests that SPY remains the preferred vehicle for active traders, even as long-term capital migrates elsewhere.
As reported in financial statements, the trust's liquidity is maintained through a continuous creation and redemption mechanism, ensuring the balance sheet remains highly liquid and capable of absorbing significant institutional trading volume without requiring a traditional cash buffer to support daily operational requirements or debt obligations.
The trust's liquidity profile is inherently robust due to its asset-light structure and the nature of the underlying S&P 500 constituents. This allows the vehicle to function effectively as a high-velocity trading instrument, distinguishing it from funds that prioritize long-term holding over immediate market access.
As noted in the trust's legal documentation, the Unit Investment Trust structure mandates that dividends be held in non-interest-bearing accounts, which may obscure the true cash efficiency of the vehicle by creating a performance drag that is not present in modern open-end fund structures.
Analysts often misapply standard expense ratio comparisons to SPY without adjusting for this dividend drag, which can lead to an inaccurate assessment of the trust's total return potential. Investors should consider the opportunity cost of these uninvested cash holdings, especially in higher interest rate environments.
Includes 30+ ratios · 0 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPY stock.
Based on historical data, SPDR S&P 500 ETF Trust is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.